Bloomberg News

SPAIN DAYBOOK: Spain Sells Bonds at Auction; Trade Balance Data

October 20, 2011

Oct. 20 (Bloomberg) -- Spain’s Treasury aims to sell as much as 4.25 billion euros ($5.85 billion) of bonds maturing in 2017, 2019 and 2021 at an auction, while the Industry Ministry publishes trade data for August.

WHAT TO WATCH: *Bond auction with results due at about 10:45 a.m. CET.

ECONOMY: *Industry Ministry publishes the trade balance report for August. *Madrid teachers are scheduled to go on strike. *European policy makers can help end the debt crisis through an orderly Greek default, interest-rate cuts, further bond purchases and a bigger rescue fund, said Steven Cochrane, head of economic research at Moody’s Analytics. *A French-German split over Europe’s rescue strategy emerged as finance ministers prepare to meet in Brussels tomorrow under pressure to craft a solution to the region’s debt crisis.

EQUITIES: *Fomento de Construcciones & Contratas SA, a Spanish construction company, is considering building a plant in northern Spain that will burn wheat straw to produce electricity. *Actividades de Construccion y Servicios SA said it agreed to sell 50 percent of its stake in the company that manages the I-595 highway in Broward County, Florida, and the deal values the company at $588.36 million.

MARKETS: *The IBEX 35 Index advanced 0.4 percent to 8,849.5. *The spread between Spanish and German 10-year borrowing costs widened to 334.5 basis points.

To contact the reporter on this story: Manuel Baigorri in Madrid at mbaigorri@bloomberg.net

To contact the editor responsible for this story: Emma Ross-Thomas at erossthomas@bloomberg.net


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